2020 October 7 10:33
Global professional services organisation, Lloyd’s Register Group (LR), has entered into a definitive agreement to sell its Energy business unit to Inspirit Capital, a London-based investment firm focused on building long-term value. The agreement follows a comprehensive review of LR’s business portfolio and strategic direction.
The deal will create a new engineering and technical consultancy offering specialist asset performance, risk management and project management expertise across complex industrial assets, the energy transition and rail infrastructure.
The transaction is expected to complete on or before the 31st October 2020 and is not subject to any formal regulatory or other approvals.
About Lloyd’s Register (LR)
Lloyd’s Register is the world’s first marine classification society, created more than 260 years ago to improve the safety of ships.
About LR Energy
LR’s Energy business was founded in the 1930s following LR’s diversification from marine assets into the oil and gas industry. LR Energy has subsequently supported the transformation of global energy infrastructure, working on complex and large-scale energy projects around the world, becoming one of the leading engineering consultancy partners of choice. Since 2005, numerous strategic acquisitions including Capstone, ODS, Human Engineering, Celerity3, ModuSpec, Scandpower and WEST Engineering propelled the business. The acquisition of Senergy in 2013 expanded LR Energy’s portfolio, covering the full energy value chain and life cycle, from reservoir to refinery and beyond.
About Inspirit Capital
Inspirit is an investment firm that provides capital and expertise to drive transformation and growth in UK-headquartered businesses. With committed capital from a consortium of institutional investors, Inspirit typically invests in businesses that are no longer core to a parent company’s strategic objectives or require a different ownership structure and skillset to achieve their full potential.